Koenig & Bauer: 2014 sales on target and profit exceeds expectation

• Restructuring on schedule with positive effects • Group sales of €1.1bn on a par with prior year • Positive results in both business segments • €14.1m operating profit and €5.5m pre-tax profit • Operating cash flow over €43m and high net liquidity • Outlook 2015: Similar sales with higher EBT margin • Koenig & Bauer AG (KBA) has today published its financial statements for 2014.

At €1.1bn group sales were at the top end of its forecast (2013: €1,099.7m). Initial positive impacts from the press manufacturer’s group realignment which began at the beginning of 2014 are visible. Compared to the previous year when restructuring expenses of over €155m strained KBA’s operating result, in 2014 both its sheetfed offset segment and the web and special press division posted an operating profit.

Moreover, despite further special expenses of €10m the rise in operating profit to €14.1m was significantly higher than planned a year ago. The pre-tax profit (EBT) came to €5.5m and a group net profit of €0.3m also exceeded the forecast.

In his letter to the shareholders Claus Bolza-Schünemann, president and CEO of the nearly 200-year-old press manufacturer, said: “We made rapid progress in the first twelve months of the most extensive realignment project in our company’s recent history and were pleased to see its positive effects earlier than anticipated.”